Both the FASB and the GASB, respectively, require companies and governments to record some form of a net pension or other postemployment benefit (OPEB) liability on the face of the entity's financial statements.

Question

Quizplus · Accepted Answer

Both the FASB and GASB focus on reporting some form of net pension or OPEB liability, consisting of a pension or OPEB liability for all earned benefits, net of amounts that the entity (government or company) has placed in trust to pay those obligations in the future.

Both the FASB and the GASB, Respectively, Require Companies and Governments